Boxx.ai, a Bangalore-based AI startup, which uses AI and ML to help e-commerce companies increase their conversion rates by displaying personalised products for each user, is being acquired by Netcore Solutions. With this part-cash and part-stock deal, Netcore would be acquiring all of Boxx.ai’s technology, IP, clients and team, and would provide an exit to the investors. As part of the deal, Boxx.ai’s founders Ajay Kashyap, Prakhar Raj and Shitiz Bansal, along with the rest of the team will join Netcore to continue building their product.
Ajay Kashyap, Founder, Boxx.ai, said, “E-commerce companies spend a lot of money to get visitors on their sites, but 98 per cent of them leave without buying. Boxx.ai solves this – it converts visitors to buyers. Integrating this capability with Netcore’s multi-channel marketing platform makes a killer combination for brands – they would be able to deliver a customer experience that is just perfect: right choice of channel, right timing of communication, right content, right creative, right messaging and right offers.”
Boxx.ai was launched in 2016 by IIT alumni Ajay Kashyap, Prakhar Raj and Shitiz Bansal. It is able to predict, with high accuracy, what each visitor is likely to buy next using its proprietary algorithms. This helps consumer internet companies curate a line of products and extend a personalised experience to each of its customers.
Kalpit Jain, Group CEO of Netcore Solutions, stated, “We absolutely understand the value and importance of ML, AI, and personalisation to empower brands to deliver exceptional customer experiences. And hence these are the primary focus areas with all our offerings. Boxx.ai’s acquisition is yet another step towards that vision. This new piece in our product stack will definitely deliver great value to our customers and their end consumers. We are excited to see what the future in AI-first marketing will look like.”
Boxx.ai was initially funded and mentored by Suresh Shankar, Founder and CEO of CrayonData, and Venky Krishnakumar, ex-COO/CFO at Citibank APAC. Subsequently, it raised pre-series-A funding from Unicorn India Ventures and Vivek Bhargava, CEO of iProspect, Dentsu Aegis Network.
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, said, “We invested in Boxx.ai three years ago as we believe that their offering is quite targeted and essential for e-commerce companies who are keen on converting non-buyers into buyers and retain their regulars by offering a highly personalised experience. Boxx.ai is in that sweet spot. An acquisition by a successful platform like Smartech would accelerate their growth multi-fold and that’s why we believe it is the right time for Boxx.ai to become a crucial member of Netcore so that they can cover more ground in less time.”